Think Tank Reignites Debate Over Bitcoin Mining's Environmental Effects
Debate about the environmental effects of bitcoin mining has resurfaced following claims by an Australia-based sustainability think tank that bitcoin could eventually consume 60% of annual global electricity production. According to the Long Future Foundation's website, its calculations are based on the assumption that 1 BTC is valued at £1m, the cost of mining this resource is $500,000 and 3,600 bitcoins are produced every day. "Bitcoin miners can get power cheaply for $0.05 per kilowatt hour (kWh) which means that they get 20 kWh per dollar spent," notes the website. By multiplying these....
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The New York State Department of Environmental Conservation (NYSDEC) has delayed its decision whether it will allow crypto mining firm Greenidge Generation to continue to use its power plant in the town of Dresden for bitcoin mining, according to a recent report from Bloomberg. The decision by the state’s Department of Environmental Conservation will now come by the end of March. Related Reading | Why Bitcoin Could Hit $90K By The End Of 2022, According To This Prediction New York & The Environmental Debate The decision is now expected to come by March 31, two months later than....
The impact of BTC mining on the environment has turned into a debate — here’s what academics think and if “green Bitcoin” is possible. The debate around the environmental impact of the Bitcoin mining ecosystem is heating up once again as academics have provided a fresh dose of perspective on the subject. In an opinion piece written by Noah Smith, a former assistant finance professor turned columnist, took aim at the Bitcoin (BTC) mining industry in March, suggesting that the constantly growing energy consumption of the network is simply unsustainable. Smith’s belief is that more countries....
Twenty-three U.S. lawmakers have called on the U.S. Environmental Protection Agency (EPA) to increase oversight of cryptocurrency’s environmental impacts. “We request that the EPA evaluate ‘Proof-of-Work’ mining facilities’ compliance with environmental statutes,” they said.
Lawmakers Want More Oversight of Bitcoin Mining Industry
U.S. Representative Jared Huffman (D-CA) and 22 other Congress members jointly sent a letter to Environmental Protection Agency (EPA) Administrator Michael Regan regarding cryptocurrency mining operations....
Earth Day 2022 is a good day to highlight how crypto mining operations have begun to naturally gravitate towards cheaper and cleaner energy sources. April 22 is Earth Day and with environmental sustainability one of the key topics in the global debate surrounding Bitcoin mining, analysts say the industry has begun to naturally gravitate towards cleaner and cheaper energy sources.According to a January report by the Bitcoin Mining Council, by Q4 2021, the global Bitcoin mining industry ran on an estimated 58.5% renewable energy.The preference for clean energy is due to a combination of....
Decarbbitcoin Labs is contributing to Environmental Justice Communities in California by showcasing the green potential of Bitcoin mining. DecarbBitcoin Labs, an environmentally-focused think tank founded by Community Electricity, is taking a hands’ on approach to fighting climate change in California — and is using Bitcoin (BTC) mining as its first prototype.Building off California’s Environmental Justice Program, whose mission is to protect communities that endure a disproportionate share of environmental pollution, Decarbbitcoin Labs is developing a first-of-its-kind prototype in Los....